47-786: Interros is a Russian conglomerate controlled by Russian oligarch Vladimir Potanin with large stakes in mining , metals , energy , finance , retail , real estate and other sectors . The company's headquarters are located in Moscow. The company was founded in the early 1990s by Vladimir Potanin and Mikhail Prokhorov , and the primary owner is Vladimir Potanin , with Mikhail Prokhorov having departed in 2007. Prokhorov received $ 7.5 billion for his shares in Interros. In December 2021, "Interros" redomiciled in Russia as "Interros Kapital" LLC, owned by Сyprian company "Whiteleave holdings limited",
94-570: A leopard breeding initiative in the Mzymta valley. In 2015, he asked president Putin to allow for permits to double the size of the ski resort, an expansion that will threaten the leopard program he contributed to. Potanin became the first major Russian investor to acquire assets in Iran after the sanctions against the country over its missile program were lifted in 2016. Through his investment fund New Winter Capital Partners (NWCP), he bought shares of
141-770: A part of "Interros", in special administrative district on Russkiy Island in Primorsky Krai . The company has main assets in the following areas: By the end of the year 2021 “Interros” will launch in Sakha the venture fund “Voskhod” (“Rise”) to promote high-tech startups in Far Eastern Federal District with 10 billion roubles investments upcoming in next 5 years. Vladimir Potanin Vladimir Olegovich Potanin ( Russian : Владимир Олегович Потанин ; born 3 January 1961)
188-462: A property disagreement in Moscow . In 2008, Deripaska reached an agreement with Prokhorov for the acquisition of his Norilsk Nickel stake, against Potanin's wishes. In return, Prokhorov acquired 14% of RUSAL. This sparked an ownership conflict between Deripaska and Potanin that was halted in 2012, when Roman Abramovich stepped in as a peacemaker by acquiring 6.5% of Norilsk and thereby maintaining
235-756: A reported $ 1 billion. Prokhorov offered to sell his 25% stake for $ 15 billion. However, Potanin refused the deal and it never came to pass. According to a report published by investigative platform Meduza in 2016, Prokhorov turned to Valentin Yumashev , former Russian president Boris Yeltsin 's chief of staff, to appeal to president Vladimir Putin . Reportedly, Putin "phoned Potanin in Prokhorov's presence and chewed him out, saying, 'It's dishonest to cheat on partners.'" Prokhorov ultimately decided to sell his 25% Norilsk stake to RUSAL 's Oleg Deripaska instead. In March 2009, he sued Prokhorov for $ 29 million over
282-687: A scheme to place Potanin on a U.S. sanctions list on behalf of sanctioned Russian oligarch, Oleg Deripaska. Potanin's first marriage was to Natalia Potanina, with whom he has three children. They married in 1983 and divorced after 31 years of marriage. In 2014, Potanin married for a second time, to Ekaterina, with whom he has two children. These three luxury motor yachts built by Oceanco were built for him: Oligarchy List of forms of government Oligarchy (from Ancient Greek ὀλιγαρχία ( oligarkhía ) 'rule by few'; from ὀλίγος ( olígos ) 'few' and ἄρχω ( árkhō ) 'to rule, command')
329-584: Is a Russian oligarch. He acquired his wealth notably through the controversial loans-for-shares program in Russia in the early to mid-1990s. As of February 2024, he is the wealthiest man in Russia and the 57th richest person in the world, with an estimated net worth of $ 31.5 billion, according to the Bloomberg Billionaires Index . In the 2023 Forbes ranked him as the second-wealthiest person in Russia, with an estimated net worth of $ 23.7 billion. His long-term business partner
376-458: Is a form of power structure in which power rests with a small number of people. These people may or may not be distinguished by one or several characteristics, such as nobility , fame , wealth , education , or corporate , religious , political , or military control. Throughout history, power structures considered to be oligarchies have often been viewed as coercive, relying on public obedience or oppression to exist. Aristotle pioneered
423-433: Is supposedly still outstanding. In May 2020, a major oil spill occurred at a power plant owned by Norilsk Nickel, flooding rivers with up to 21,000 cubic metres of diesel oil, in what has been described as the second-largest oil spill in modern Russian history. In the spring of 2024, representatives of Norilsk Nickel, headed by Potanin, announced the upcoming transfer of copper production from Russia to China. This plan
470-490: Is the financial twin of MFK and was also known as the ONEKSIMbank-MFK banking group which was also close to Andrey Vavilov . Potanin was a close supporter of Anatoly Chubais who introduced Potanin to Russian Prime Minister Viktor Chernomyrdin . In 1995, Potanin was instrumental in the creation of the "loans for shares" auctions that became a pillar of Russia's post-Soviet economic reform. The auctions allowed
517-529: The 2022 Russian invasion of Ukraine . In March 2003, he took charge of the National Council on Corporate Governance (NSKU), whose main goal is to improve the legislative regulations in Russia and to introduce professional and ethical standards of corporate governance in Russian companies. The goal is to boost the reputation and investment appeal of the Russian businesses. In April 2003, Potanin
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#1732801574178564-649: The Ayalas and Manny Pangilinan , corporate figures allied with Duterte, including Dennis Uy of Udenna Corporation , benefitted during his administration. Since the dissolution of the Soviet Union in 1991 and the subsequent privatization of state-owned assets, a class of Russian oligarchs emerged. These oligarchs gained control of significant portions of the economy, especially in the energy, metals, and natural resources sectors. Many of these individuals maintained close ties with government officials, particularly
611-676: The International Olympic Committee ), Potanin sought compensation from the Russian government for the extra costs incurred. It was later shown that construction of the Rosa Khutor resort had resulted in a vast patch of forest being cut down, although Potanin had announced that construction would require "little excavation and zero logging". This was strongly criticized by environmental conservation groups, such as Environmental Watch on North Caucasus. Between 2005 and 2010, Potanin invested $ 500,000 in starting
658-704: The Swedish Pomegranate (firm) , which is a shareholder in a number of Iranian internet companies, such as Digikala , the country's largest online retailer. The investment in Digikala was estimated to be $ 300 million. Potanin is a member of the Russian Union of Industrialists and Entrepreneurs (RSPP), a lobby group that sent Prime Minister Dmitry Medvedev a proposal for alternative cryptocurrency regulations in October 2018. In May 2015, Potanin
705-631: The UK government in 2022 in relation to Russo-Ukrainian War . On 6 April 2022, the Trudeau government added Potanin to its sanctions list over the Russian invasion of Ukraine. On 15 December 2022, the US Treasury joined others by adding Potanin to its sanction list. The FBI announced in July 2018 that ByteGrid, a data solutions provider contracted to store Maryland State Board of Elections data,
752-575: The president , leading some to characterize modern Russia as an oligarchy intertwined with the state. The Islamic Republic of Iran , established after the 1979 Iranian Revolution , is sometimes described as a clerical oligarchy. Its ruling system, known as Velayat-e-Faqih (Governance of the Jurist), places power in the hands of a small group of high-ranking Shia clerics, led by the Supreme Leader . This group holds significant influence over
799-716: The 2010 Citizens United v. FEC Supreme Court decision, which removed limits on donations to political campaigns. In 2014, a study by political scientists Martin Gilens of Princeton University and Benjamin Page of Northwestern University argued that the United States' political system does not primarily reflect the preferences of its average citizens. Their analysis of policy outcomes between 1981 and 2002 suggested that wealthy individuals and business groups held substantial influence over political decisions, often sidelining
846-473: The 2014 Olympic Winter Games in 2007. He allegedly urged Putin to approve expansion in the area to create a "Russian Courchevel ", despite oppositional pressure from environmental groups who claimed it would further damage the region. Following Potanin's complaint about a cost overrun of at least $ 530 million during the construction of hotels and chalets in Sochi and the Rosa Khutor ski resort (as required by
893-674: The Norilsk area must be one of the company's leadership's main tasks. In September 2016, the local Daldykan river ran red after a suspected break of a Norilsk Nickel slurry pipe released industrial waste into the water. Norilsk Nickel was subsequently fined an undisclosed amount by the Russian Federal Service for Supervision of Natural Resources (Rosprirodnadzor). During a meeting with Putin in January 2017, Potanin promised to solve environmental problems by 2023 through
940-918: The Soros Group supported by Potanin, Anatoly Chubais , and Alfred Koch to have the controlling stake in the Russian communications monopoly over the Berezovsky-Gusinsky group. One year later Soros admitted that his large investment in Svyazinvest was a mistake. Since August 1998, Potanin has held the positions of both president and chairman of the board of directors of the Interros Company. On November 25, 1998, Potanin recommended Boris Jordan to be Chairman of Sidanko which Jordan held until February 1999 when he stepped down. Potanin and his long-term business partner Mikhail Prokhorov acquired Norilsk Nickel (or Nornickel) in
987-679: The Tsukanov Family Foundation and others. For his efforts, Potanin was awarded the French Legion of Honour later that year. Potanin was a member of the board of trustees of the Solomon R. Guggenheim Foundation in New York. In March 2022, shortly after the 2022 Russian invasion of Ukraine , he stepped down as a trustee following outrage directed at Russian oligarchs closely associated with Putin. Sanctioned by
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#17328015741781034-659: The United States as oligarchies. During the presidency of Ferdinand Marcos from 1965 to 1986, several monopolies arose in the Philippines, primarily linked to the Marcos family and their close associates. Analysts have described this period, and even subsequent decades, as an era of oligarchy in the Philippines. President Rodrigo Duterte , elected in 2016, promised to dismantle the oligarchy during his presidency. However, corporate oligarchy persisted throughout his tenure. While Duterte criticized prominent tycoons such as
1081-640: The all-union foreign trade organization (FTO) Soyuzpromexport, which was an arm of the Ministry of Foreign Trade . During perestroika , Potanin quit the State's structures of Foreign trade and in 1991 created the private association Interros using his knowledge gathered at Ministry of Foreign trade and his previous professional network. In 1993, Potanin became president of the newly formed United Export Import Bank (ONEKSIMbank) ( Russian : "ОНЭКСИМ-банк" ) (akas: Uneximbank; Onexim Bank; Oneksimbank). Oneksimbank
1128-528: The atmosphere annually", accounting for a life expectancy of local residents 10 years below the Russian national average. According to reports from journalists who visited the city, Norilsk is surrounded by "1.2 million acres of dead forest", or that "nature in a radius almost the size of Germany is dead from severe air pollution", depending on the source. As a result, pressure has been mounting on Potanin from Putin to clean up Norilsk Nickel's operations. In 2010, Putin stated that solving ecological problems in
1175-528: The balance of power between Deripaska and Potanin. The truce also barred the parties to sell or acquire new stakes. The deal made Potanin CEO of the company, as he owned roughly 30% of Norilsk, about 2% more than Deripaska. In February 2018, Potanin offered to buy 4% of Abramovich's stake. A provisional acquisition agreement was reached in March for Potanin to buy a 2% stake in Norilsk from Abramovich. The purchase
1222-637: The company preferred to carry out new construction in a country with less expensive environmental requirements. Potanin also owns a stake in Petrovax Pharm, a pharmaceutical company. Potanin was inspired to develop the Rosa Khutor ski resort in the Mzymta valley near Sochi after skiing with Putin in Austria in 2003. He invested more than $ 2 billion into the resort after Sochi was picked for
1269-411: The country's legislative, military, and economic affairs, and critics argue that this system concentrates power in a religious elite, marginalizing other voices within society. Since Ukraine's independence in 1991, a powerful class of business elites, known as Ukrainian oligarchs , has played a significant role in the country's politics and economy. These oligarchs gained control of state assets during
1316-440: The early 1990s under the "loans for shares" scheme, owning between them 54% of the firm. Potanin owned as of 2018 a 34% stake in the company. They streamlined operations and turned Norilsk Nickel into a modern corporation. In 2007, Potanin split with Prokhorov, citing Prokhorov's brief detention by French police over soliciting prostitution as the reason and announced the intent to acquire Prokhorov's Norilsk Nickel assets for
1363-400: The following criteria: George Bernard Shaw coined the concept of an intellectual oligarchy in his play Major Barbara (1907). In the play, Shaw criticizes the control of society by intellectual elites and expresses a desire for the empowerment of the common people: I now want to give the common man weapons against the intellectual man. I love the common people. I want to arm them against
1410-450: The lawyer, the doctor, the priest, the literary man, the professor, the artist, and the politician, who, once in authority, is the most dangerous, disastrous, and tyrannical of all the fools, rascals, and impostors. I want a democratic power strong enough to force the intellectual oligarchy to use its genius for the general good or else perish. Jeffrey A. Winters and Benjamin I. Page have described Colombia, Indonesia, Russia, Singapore and
1457-447: The list of top (political party) donors. Economist Simon Johnson argued that the rise of an American financial oligarchy became particularly prominent following the 2008 financial crisis. This financial elite has been described as wielding significant power over both the economy and political decisions. Former President Jimmy Carter in 2015 characterized the United States as an "oligarchy with unlimited political bribery" following
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1504-520: The major oligarchs in "President Vladimir Putin’s inner circle." Potanin was born in Moscow, in the former USSR, into a high-ranking Russian communist family. In 1978, he attended the faculty of the International economic relations at Moscow State Institute of International Relations (MGIMO), which groomed students for the Ministry of Foreign Affairs . Upon graduating MGIMO in 1983, he followed in his father's footsteps and went to work for
1551-534: The majority of Americans. While the United States maintains democratic features such as regular elections, freedom of speech, and widespread suffrage, the study noted that policy decisions are disproportionately influenced by economic elites. However, the study received criticism from other scholars, who argued that the influence of average citizens should not be discounted and that the conclusions about oligarchic tendencies were overstated. Gilens and Page defended their research, reiterating that while they do not label
1598-541: The modernization of capacities. Briefing Putin on Norilsk Nickel's development and performance, Potanin promised to invest $ 17 billion over a seven-year period on measures to modernize the company's facilities and reduce pollution from its operations. Potanin said that the company planned to reduce its emissions by 75% as part of its long-term development programme through 2023. In the Norilsk area, emissions were reduced by 30–35% in 2017 alone, according to company data. However, another $ 2 billion environmental clean-up project
1645-414: The rapid privatization that followed the collapse of the Soviet Union. By 2021, Ukraine passed a law aimed at curbing oligarchic influence on politics and the economy. Several commentators and scholars have suggested that the United States demonstrates characteristics of an oligarchy, particularly in relation to the concentration of wealth and political influence among a small elite, as exemplified by
1692-582: The selling-off of Russian firms' assets at below market prices and are regarded as the founding moment of Russia's oligarchy . According to the New York Times , the auctions plan was regarded in 1999 "almost universally as an act of colossal criminality." From 14 August 1996 until 17 March 1997, he worked as First Deputy Prime Minister of the Russian Federation . In 1997, Boris Jordan introduced George Soros to Potanin which led to
1739-522: The shares were sold to a subsidiary of Rosbank – the investment company Rusfinance. In April 2022 Oleg Tinkov sold his shares in Tinkoff Bank to Potanin-controlled Interros. According to Tinkov, he was offered a price of about 3% of the real value of his shares, but was forced to accept the offer as officials of the Putin administration threatened to nationalize the bank after he publicly criticized
1786-477: The use of the term as meaning rule by the rich, contrasting it with aristocracy , arguing that oligarchy was the perverted form of aristocracy. The consolidation of power by a dominant religious or ethnic minority can be considered a form of oligarchy. Examples include South Africa during apartheid , Liberia under Americo-Liberians , the Sultanate of Zanzibar , and Rhodesia . In these cases, oligarchic rule
1833-520: Was Mikhail Prokhorov until they decided to split in 2007. Subsequently, they put their mutual assets in a holding company, Folletina Trading, until their asset division was agreed upon. In January 2018, Potanin appeared on the US Treasury's "Putin list" of 210 individuals closely associated with Russian president Vladimir Putin . In June 2022, the UK has imposed sanction on Potanin for being one of
1880-688: Was elected chairman of the board of trustees of the State Hermitage , the most renowned Russian art museum. He was a member of the Civic Chamber of Russia until 2014. In 2016, Potanin's charitable organization, the Vladimir Potanin Foundation, donated works of art to be displayed at the Centre Pompidou 's exhibition of Russian and Soviet art along with another 40 donors including Vladimir Semenikhin ,
1927-407: Was motivated both by the need to circumvent Western sanctions when exporting copper to foreign markets, and by China's significantly less stringent environmental standards than those in Russia. According to Potanin's representatives, further modernization of the existing outdated production to comply with Russian environmental standards turned out to be completely unprofitable for Norilsk Nickel, and
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1974-494: Was named a co-defendant in a case in which state-owned Vnesheconombank (VEB) was looking for damages for losses from the liquidation of Roskhlebprodukt , in which he indirectly owned a stake. In total, VEB sought $ 68 million in damages from Potanin and others. In April 2022 owing to the International sanctions during the 2022 Russian invasion of Ukraine , French banker Societe Generale had stranded Rosbank assets and
2021-469: Was not yet officially approved as of March 2018, pending a court ruling in May that will decide whether the acquisition would breach the 2012 stakeholder agreement. If the purchase is approved, Potanin would own 32.9% of Norilsk against Deripaska's 27.8%. In April, Deripaska called off the deal citing sanctions as the reason. On 28 June 2018 the court ruled against the sale of Abramovich assets to Potanin. It
2068-412: Was often tied to the legacy of colonialism. In the early 20th century, Robert Michels expanded on this idea in his Iron Law of Oligarchy He argued that even democracies, like all large organizations, tend to become oligarchic due to the necessity of dividing labor, which ultimately results in a ruling class focused on maintaining its power. Business groups may be considered oligarchies if they meet
2115-579: Was owned by a private equity firm in which Potanin is an investor. A retroactive investigative report issued by the US Department of Homeland Security 's National Cybersecurity and Communications Integration Center found no indication that the MDSBE corporate network had been compromised. The contract has since been transferred to Intelishift as a precaution. In August 2023, former FBI special agent Charles McGonigal pleaded guilty in connection to
2162-534: Was seeking a quick exit from Russia. Interros bought the distressed assets. The French banker had paid an estimated $ 4.3 billion to Interros over the period between 2006 and 2014 to amass nearly all the shares in the Russian bank and its subsidiaries. As a result of this transaction the French banker wrote off its balance sheet $ 3.3 billion. Four months later Potanin announced his intention to transfer 50% of Rosbank's shares to his own charitable foundation. Another 7.5% of
2209-614: Was unknown at the time whether Deripaska would exercise a contingent right to purchase shares. Throughout Potanin's tenure as CEO, Norilsk Nickel has been consistently criticized for its environmental record. The company was named as one of the biggest polluters in the Russian Arctic , and the city of Norilsk was named among the most polluted places on Earth. According to a 2013 report, Norilsk Nickel's operations "discharge some 500 tons of copper and nickel oxides per year and release another 2 million tons of sulfur dioxide into
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